HomeMy WebLinkAbout0961 The meihbers of the Board of Directors elected or ap-
pointed in accordance with the procedures set forth in these
8y-Laws shall be deemed elected or appointed as of the date of the
annual meeting of the Board of Directors.
ARTICLE IX
FISCAL MANAGEMENT
A. Determination of Assessments. ~ The determination of
assessments both general and special and assessments for external
improvements, the fixing of the annual budget, defaults and the
handling of_the delinquencies, the application of payments and all .
matters relating~to assessments, budgets and collections and pay-
ments shall be as set forth in the Amended Declaration of Covenants,
Restrictions And Easements, the Amended Articles of Incorporation and
the Amended By-Laws.
B. Depositories. The funds of the Association shall be
deposited in such banks and depositories as may be determined by
resolution of the Board of Directors from time to time, and shall be
withdrawn only upon checks and demands for money signed by the
President or Vice President and Treasurer or by such other officers
of the Association as may be designated by the said Board of Directors.
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Obligations of the Association shall be signed by at least two (2)
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officers of the Association.
C. Fidelity Bonds. The Treasurer and all other of-
I ficers and employees of the Association who are authorized to sign
checks, .and any contractor handling or responsible for Association
funds shall be bonded in such amount as may be determined by the
Board of Directors. The premiums on such bonds shall be paid by
the Association. The bonds shall be in an amount sufficient to equal
~ the monies an individual handles or has control of via a signatory
of a bank account or other depository account.
4 D. Fiscal Year. The fiscal year of the Association
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shall begin on January first of each year; provided, However,
F that the Board of Directors is expressly authorized to change to
a different fiscal year in accordance with the provisions and
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